The Impact Of The New Products Developed In The Banking Industry In Nigeria (1990-2003)

The Impact Of The New Products Developed In The Banking Industry In Nigeria (1990-2003)

Abstract

This exploration intends to study the Impact of the New Products Developed in the Banking Industry in Nigeria( 1990- 2003).

In this exploration work, the experimenter chooses four of the products and measures the extent to which they’ve been suitable to satisfy the guests. The products named are SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL SCHEME, AND INTERTWINED BANKING NETWORK SALE.

Data for this exploration were collected through questionnaire and interviews by bank guests and the review of exiting literature on the content using simple arbitrary procedure and the descriptive system of exploration. The data so collected were anatomized using the simple chance and the formulated suppositions were tested with ki- forecourt( X2) system.

Some of the findings are the impact the new products can be measured in terms of availability, speed, punctuality, simplicity and trustability.

guests who patronize the new products are maturity those who want plutocrat transfer both locally and internationally. guests clerived high position of satisfaction from the new products.

shy infrastructural position in our banking assiduity and high cost of installing them contributed to the problems we might have with the new products.

Grounded on the findings, the following were recommended that banks should come together and establish a common data communication satellite to minimize contract problems.

A resemblant association that was supplying electricity in competition with NEPA should be allowed to evolve so that an effective force of electricity can be assured.

Eventually, since this study alone can not be total of this vital subject, it’s recommended for farther studies.

Chapter One

Background Of The Study

The history of the banking in Nigeria dates back topre-independent period, also the establishment of banks was motivated by the appetite on the part of government to inculcate banking culture in the people and the desire of the people themselves to find a means of making fiscalinter-mediation easy.

In the recent times, between 1990- 2003 a lot of ways are used by bankers to installations guests services and guests satisfaction which has led to the preface of the impact of the new products developed in the banking assiduity. These new products developed in the banking assiduity moment revolve around banking and information technology.

As a result of this, the experimenter seeks to study the impacts of the new products developed in the banking diligence between 1990- 2003.

Statement Of The Problem

This exploration is designed to find out the impact of the new products developed in the banking assiduity between 1990- 2003.

thus the statement of the impact in the exploration work remain therefore to what extent has the new products n the banking assiduity moment been suitable to meet guests satisfaction! In looking at the statement of the impact, one need to bear in mind that some guests came to the bank for certain requirements that are peculiar to their own circumstance while some come for reasons that could be general. The capability of this new product the banking assiduity if to meet guests requirements and grease their satisfaction determines effectiveness.

Objects Of The Study

In view of the impact linked this study will achieve the following objects.

1. To identify the impact of the new products and service delivering strategies in our banks.

2. To find out if the new products developed by banks is accessible to guests.

3. To find out if these new products developed by banks satisfy guests needs.

4. To find out if discovery transfer is one the prospect of the new products developed by banks.

5. To find out if acceptable frastructural position is among the impacts of the new products in the banking assiduity.

Exploration Question

1. What’s the impact of the new products and services delivery strategies in our banks?

2. In new products developed in the banking assiduity accessible for guests?

3. Could those new products satisfy guests needs?

4. Is discovery transferring one of the prospects of the new products developed by banks?

5. Is acceptable infrastructural position an impact of the new products developed in the banking assiduity?

Exploration Thesis

The following suppositions are draw from the study using will( H0) and indispensable thesis( HI)

1. H0 New product developed by banks has not increased guests patronage.

HI New products developed by banks have increased client patronage.

2. H0 guests did mot decide satisfaction from patronizing the new products.

HI guests decide satisfaction from patronizing the new products.

Purpose Of The Study

This exploration is carried out for a entranced propose in order to meet the demand for the award of advanced public Parchment.

Significance Of The Study

This study will be able of widening academic by acting as a companion for farther experimenters. thus constitutes themselves into a veritably power instrument for fostering profitable development. Bank guests moment anticipate a lot from their banks. Banking nature is no longer just about safety of finances and increased returns on investment, guests demand gracious treatment from their banks as well as effective, presto and patronized service which meet their requirements.

Explanation/ Defense For The Study.

At the end of this exploration, the following group of people similar as the bank guests, banks Government General public and unborn experimenters should stand to profit there from.

1. Bank guests They will be exposed to the idea of the new products in the banking assiduity as to clear their minds to the impact of the new products.

2. Government It’ll as a starting point in arousing government policy in support of the new products developed in the banking assiduity which will grease profitable development.

3. Bank it’ll help the banks to ameliorate on their services rendered to the guests, as well as effective fast and individualized services which meet their requirements.

4. General Public This will further encourage savings for further investment and creation of job openings for the timing population.

5. Unborn Experimenters This study over can not be total of this virtual subject. So, it if hoped that the findings and recommendations will appeal to the curious minds of the compendiums and other scholars as to goad them to take farther studies in this area.

Compass Of The Study

The compass of this study is limited to the impact of the new products developed in the banking assiduity. It runs across the colorful lines of the bank guests.

Being conducted by the banking assiduity in particular. Both primary and secondary data were used in arriving at the findings and conclusion.

Compass Of The Study

This exploration deems it necessary for the experimenter to visit all the banks constituting the new products developed in the banking assiduity but because of time and finance at the disposal of the experimenter. Only a sample of the repliers handpicking across the colorful lives of the business is being conducted.

Supposition Of The Study

The following hypotheticals are made on this exploration. This exploration work is free of bias. The data collected is true, dependable and not fictitious because of the questions and the right person answered interviews. The information repaired by the repliers is dependable because the responded were honest in replying the questions and those who can not give true information were barred.

The system, which constituted methodical arbitrary procedure, isn’t questionable. The ki- forecourt( X2) system used in testing thesis is the most applicable bone .

Description Of Terms

The following description of terms will help those who aren’t experts in the field to understand certain technological slang used in this exploration.

1. Impact The base effect or forceful check of a thing.A.U.P. Harray’s standard learner English Dictionary 1980

2. New Products these are products that are introduced recently into the banking assiduity to enhance facilitates bank series to both guests and bankers. EdemoluA.( 1998).

3. Banks A bank is any institution certified to carry out business of banking in Nigeria and they’re characterized by acceptance of deposit and easing pullout, outfit leasing, by blinking and other fiscal deals depending on the type of bank. Ukemenam.C.O.( 2000).

4. Bank guests Are people or associations who have account with a bank and carry out fiscal sale with the bank.

1. Universal Banking This is a conception or banking policy under which every bank is free to determine the type to banking sale they can engage in or a situation whereby a marketable trafficker banks are free to engage in any conventional conditioning of either. Orjih.J.( 2001).

2. Banking Industry Is a prominent member of the service sector of the Nigeria frugality.

3. Developed commodity that’s mature or more advanced.

Organizational/ Plan Development

The experimenter seeks to study the impact of the new products developed in the banking assiduity towards achieving this, the design is divided into five chapters.

Chapter one deals with the preface. It discusses among other effects the background of the study, statement of the impact, the objects it sets to achieve and probe questions, the thesis to test, significance, purpose, defense etc.

Chapter two is the literature review. It’s subdivided into three division- the theoretical frame work where the experimenter proved that the design is applicable to he course of study, the review of affiliated systems preliminarily completed where the experimenter reviewed the sweats to her study, the summary and defense of the literature review designed to expose the gap in knowledge which the experimenter intends to fill.

Chapter three deals with the exploration design methodology. It discusses the procedure espoused by the experimenter in carrying out the exploration.

Chapter four is the data donation and analysis. It’s subdivided into analysis and interpretation, questionnaires test of thesis findings.

Chapter five is the conclusion including summary of findings, recommendation, and suggestions for farther exploration